Although not everyone is a fan of cryptocurrency, and certain countries such as China seem overtly against the idea of decentralization, it will not pose any threat to the wider adoption of the cryptocurrency taking place in much rigorous business enterprises and financial cycles. Bitcoin, for instance, shares a torn acclimation towards governments, states, and regions. Some, such as El Salvador, have adopted cryptocurrency into their main financial system and are considering paying people’s salaries in Bitcoin, and there are those who think the mere idea of it is a liability to their current financial realms.
Every crypto enthusiast might know how things spiraled in China and its recent crackdown against crypto miners. For instance, the hash rate of Bitcoin and many other cryptocurrencies was in deficit to the point where a full-scale crypto market crash unraveled, dragging the price as well as the prominence of various cryptocurrencies. China and Elon Musk remain undutiful opponents of Bitcoin and all that it stands for as the billionaire has dearly negated Bitcoin over environmental concerns due to its mining despite the fact that Tesla owned about $1.5 billion worth of Bitcoin at the moment.
These are some of the scenarios that have delivered a severe blow to the idea of decentralization and the use of cryptocurrencies. But even so, the financial institutes that understand the concept, aware of its shortcomings, and are ready to give their time and energy towards making it work for them are adopting Bitcoin and other cryptocurrencies. This is something that is very unsettling for countries or business enterprises that see decentralization as having no central control point, thus not being able to control it in any shape or form.
These are the ones that truly pose as an opponent to the idea and adoption. Glueing your eyes on the latest trends and the overall adoption charts, it is clear that cryptocurrencies as a concept remain curious and meticulous to bold and thought-bearing enterprises. So, bans or no bans, shifting of the Bitcoin’s mining operating from China, and Elon Musk not pitching in to support Bitcoin don’t alter the course of crypto adoption that is taking place and with much speed.